Cash Flow Capital (CFC) has secured a R30 million senior debt facility from an established senior debt provider. CFC is a niche online lending business providing alternative funding to small and medium enterprises (SMEs) in FMCG, retail, food and beverage sectors, as well as beauty industries.
“The R30 million backing allows us to continue supporting those SMEs who prefer individualised attention without the red tape and tedious application processes, associated with traditional lending institutions,” says Michail Myburgh, CFC’s Chief Technology Officer.
The R30 million support will significantly increase CFC’s capacity to fund more businesses. To date the company has funded over 2,000 businesses, which include many of South Africa’s favourite household brands, extending funding of over R600 million, and supporting the creation of more than 9,400 jobs in the last four years.
“The importance of SMEs’ contribution to the South African economy cannot be over emphasised. The success of the businesses we fund, many of whom come back to us for refinancing of their expansion, is testament to how this sector is contributing to job creation and poverty alleviation,” says Myburgh.